after the US reported higher-than-expected inflation, sparking concerns of steeper rate rises.
Fund manager Charter Hall fell almost 5 per cent, while Brisbane-based Cromwell Property Group dropped 4.76 per cent. SG Hiscock portfolio manager Grant Berry said the sharp rise in bond yields would put pressure on valuation metrics for the REITs “if there was no commensurate growth”. “Inflation expectations are clearly rising, so within the AREIT sector you want to have exposure to assets that are best-positioned for inflation.
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